Best Rule for Safe Banking Gets the Snubby
A few weeks ago, a Parliamentary commission issued a surprisingly radical report on how to reform the U.K. banking system. This week, Chancellor of the Exchequer George Osborne released the government’s point-by-point response. He says he will add some of the commission’s proposals to legislation already moving through Parliament; regulators can apply others without the need for new law. That’s all fine, but it’s a pity these don’t include a higher leverage ratio -- the report’s most valuable idea.
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